Mundoro Announces Drill Results from Chuka Copper and GOLD Porphyry IN Bulgaria
MUNDORO ANNOUNCES DRILL RESULTS FROM CHUKA COPPER AND GOLD PORPHYRY IN BULGARIA
January 9, 2017, Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) ("Mundoro"
or the "Company") is pleased to report assay results from drilling on the Company's 100% owned Byalo
exploration license which is located in southeastern Bulgaria in the Rhodopean region of the Tethyan
metallogenic belt (Figure 1: Location Map – Byalo and Zvezda Projects).
HIGHLIGHTS
● The Chuka drill program included 1000 m in three inclined diamond drill holes.
● A porphyry unit with stockwork mineralisation and banded quartz veins outcropping at surface
returned a significant copper – gold intersection at depth from drillhole CDD001:
o 146.5 m @ 0.40% Cu and 0.12 g/t Au (0.48% CuEq); from 66.8 m to 213.3 m;
o including: 80.5 m @ 0.51% Cu and 0.15 g/t Au (0.61% CuEq); from 74 m to 154.5 m;
o including: 20.9 m @ 0.72% Cu and 0.11 g/t Au (0.79% CuEq); from 74 m to 94.9 m;
Teo Dechev, CEO and President of Mundoro commented, "The Chuka porphyry system is a new
discovery by the Mundoro team in this p roven mineral belt. This initial 1000 meter drill program tested
the stockwork porphyry mapped at surface and has identified two porphyry phases demonstrating a
multiphase system. We are encouraged by the broad interval of mineralization intersected in d rill hole
CDD001 which intersected 146.5 m of 0.48% Cu equivalent down to 213 m which is well within typical
depths for open pit operations. Further drilling will be necessary to determine the extent of the
stockwork mineralisation which is open in several directions.”
Chuka Drilling Results
The maiden Q4-2016 drill program at Chuka comprised of three diamond drill holes totaling 1000 m.
This initial drilling program was designed to test the stockwork mineralisation grade at depth, and
determine if there is a transition from sericitic to potassic alteration and correspondingly higher copper
and gold grades (Figure 2: Location Map of Chuka drill holes).
These three drill holes were successful in cutting significant copper -gold mineralisation related to
intense stockwork veining showing the Chuka system is capable of hosting higher grades. The
hydrothermal breccia intersected in the drill holes was not a recognized feature at surface and therefore
further drilling is required to investigate how the hydrothermal breccia relates to the porphyry
environment, diatreme or milled fault breccia and if copper -gold grades related to it increase at depth.
Recognition of fine grained covellite and chalcocite copper bearing minerals and argillic –phyllic style of
alteration suggest the Chuka system maybe part of an epithermal system transitioning to a porphyry
system.
Further drilling will be necess ary to determine the extent of stockwork mineralisation, which is open in
several directions and may be displaced by late faulting (Figure 3: Chuka cross section A-A’ and Figure 4:
Chuka cross section B-B’).
Table 1: Summary of significant results from Chuka drill holes.
Drill Hole
ID
From
(m)
To
(m)
Interval
(m)
Cu (%) Au (g/t) CuEq (%) AuEq (g/t)
CDD-001
Including
including
0.0 25 25 -- 0.31 0.21 0.31
66.8 213.3 146.5 0.40 0.12 0.48 0.72
74.0 154.5 80.5 0.51 0.15 0.61 0.91
74.0 94.9 20.9 0.72 0.11 0.79 1.18
CDD-003
23.8 37.5 13.7 0.10 0.05 0.13 0.20
271.7 285.35 13.7 0.14 0.06 0.18 0.27
298.80 303.70 4.90 0.21 0.13 0.30 0.44
355.25 357.90 2.65 0.24 0.10 0.31 0.46
Gold Equivalent (“AuEq.”) is calculated using the formula AuEq = (g/t/Au)+[(%Cu) x (22.0462) x ($/lbCu)] ÷ [(1/31.1035) x
($/ozAu)]. Copper equivalent (CuEq%) is calculated using the formula CuEq = (%Cu) + [(g/t/AuEq) x (1/31.1035) x ($/ozAu)] ÷
[(22.0462) x ($/lbCu)]. Metal prices used are: gold price of US$1150/oz, copper price of U S$2.5/lb. All thicknesses from
intersections from drill holes are down-hole drilled thicknesses or outcrop sample length thickness.
Drill hole CDD -001 was collared into the outcropping quartz -sulfide stockwork mineralisation defined
through mapping, soil a nd rock sampling. The drill hole intersected significant copper – gold
mineralisation related to strong quartz stockwork veining containing pyrite, chalcopyrite, covellite and
chalcocite. The stockwork continues for 213.3 m and is hosted by sericitic alter ed latite porphyry
interpreted as an early mineralising event. Significant intersections are as follows:
Drill Hole ID From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(g/t)
Comments
CDD-001
Including
Including
Including
Including
0 66.8 66.8 __ 0.22 Oxidation zone, jarosite and hematite;
moderate silicification and A-type
stockwork; Latite porphyry 0 25.0 25 __ 0.31
66.8 213.3 146.5 0.4 0.12 Sulphide zone, strong A-type
stockwork, vuggy quartz, pyrite, fine
grained chalcocite, covellite; Latite
porphyry 74.0 154.5 80.5 0.51 0.15
74.0 94.9 20.9 0.72 0.11
347.5 375.0 27.5 0.21 0.08 Moderate quartz-pyrite stockwork,
pyrite up to 5%. Latite porphyry
353.0 357.0 4.0 0.33 0.14
At 213.3 m the latite porphyry is cut by a late mineral sanidine porphyry which is argillic altered and
contains anomalous lead -zinc and gold values without significant mineralisation. At 257.5 m the hole
intersected a fault contact and re -entered the latite porphyry however without the intense stockwork
mineralisation which may have been shifted due to faulting. Alteration of the latite porphyry after the
fault is phyllic-argillic to advanced argillic.
Drill hole CDD -002 was drilled 150 m north -east from CDD -001. The drillhole intersected the latite
porphyry f rom 34.8 m to 103.1 m then transitioned to hydrothermal breccia to 212 m and was
completed in late mineral sanidine porphyry at 257.8 m. Although no significant copper -gold intervals
were intersected, the latite porphyry and the hydrothermal breccia are highly anomalous in copper-gold
and especially Molybdenum (Mo). Intersected Mo grades and intervals in this drillhole are significant
with single samples returning above 700 ppm Mo. Some high grade Mo intervals include:
● 79.9 m @ 173 ppm Mo from 36.9 m to 116.8 m;
● 39.2 m @ 330 ppm Mo from 129.9 m to 169.1 m; and
● 19 m @ 295 ppm Mo from 178 m to 197 m.
Drill hole CDD -003 was drilled as a step back 150 m north -west from CDD -001. It intersected milled
hydrothermal breccia probably after latite porphyry from 1 7.7 m to the end of the drillhole. The breccia
is cut by late mineral sanidine porphyry from 250.9 m to 270 m and from 303.7 m to 355.3 m. The
breccia is carrying copper -gold-molybdenum mineralisation throughout and is also partly anomalous in
lead and zi nc. The drillhole was bottomed in hydrothermal breccia carrying copper -gold mineralisation
after contact of post mineral sanidine porphyry.
A few copper-gold intervals are highlighted which illustrate a tendency of increasing grade at depth:
Drill Hole ID From
(m)
To (m) Interval
(m)
Cu
(%)
Au
(g/t)
Comments
CDD-003 23.8 37.5 13.7 0.1 0.05 Milled breccia after latite porphyry,
moderate to strong silicification, iron
oxides, 1% pyrite
271.7 285.35 13.7 0.14 0.06 Milled breccia after latite porphyry,
silicified matrix, sparse quartz veinlets,
3% pyrite
298.8 303.7 4.9 0.21 0.13 Milled breccia after latite porphyry,
strongly silicified matrix, random vuggy
silica, 15% pyrite, molybdenite
355.25 357.9 2.65 0.24 0.1 Milled breccia after latite porphyry,
strongly silicified matrix, random vuggy
silica, disseminated pyrite
Next Steps
Mundoro will continue to build a 3D model of the drilling results and further interpret the drilling
database for follow up drilling that would focus on the stockwork porphyry mineralisation and vector to
potentially higher grade mineralization related to potassic alteration at depth or laterally.
Chuka sits within a 4 km long alteration trend which is mapped with pervasive alteratio n at surface and
holds potential for a number of mineralized targets for exploration, one of which is Chuka. The
Company will continue to upgrade additional targets for exploration of porphyry and epithermal
systems in this alteration trend as well as the broader license area identified in Figure 1.
On behalf of the Company,
Teo Dechev, Chief Executive Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a Canadian mineral exploration and development public company focused on building val ue
and generating investment return for its shareholders through directly investing in mineral projects that
have the potential for mineral resource discovery or development. The Company has a diverse portfolio
of exploration projects primarily focused on gold and base metals in two European countries, Serbia and
Bulgaria, as well as Mexico and potentially North America. Mundoro (TSX-V:MUN) is funded to pursue it
strategy, has a technical team with proven exploration success, a corporate team with establi shed
capital markets relationships and a board of directors with a breadth of corporate governance
knowledge.
For further information please contact:
Teo Dechev, CEO, President and Director of Mundoro Capital Inc. at +1-604-669-8055
Qualified Person
Technical information contained in this Press Release has been reviewed and approved by Mr. G.
Magaranov, P. Geo., Qualified Person as defined by National Instrument 43-101.
Sampling and Analysis
All drill core samples are assayed using 50 -gram fire assay with a tomic absorption finish and ME -MS61
by ALS Romania. Quality Assurance and quality control procedures include the systematic insertion of
standards and duplicates into the sample streams. Field duplicate samples are taken every 25 samples
and standards and blanks are inserted after every 20th sample. All data collected in the field and assay
results from the laboratories are routinely verified and entered in an Access database.
Caution Concerning Forward-Looking Statements
This News Release contains forward -looking statements. Forward -looking statements can be identified
by the use of forward -looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate",
"believe" or "continue" or similar words or the negative thereof, and include the fol lowing: completion
of the earn -in expenditures and options by JOGMEC; and completion of a definitive joint venture
agreement by the parties. The material assumptions that were applied in making the forward looking
statements in this News Release include ex pectations as to the mineral potential of the Timok North
Properties, the Company's future strategy and business plan and execution of the Company's existing
plans. We caution readers of this News Release not to place undue reliance on forward looking
statements contained in this News Release, as there can be no assurance that they will occur and they
are subject to a number of uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forwar d-looking statements. These factors include
general economic and market conditions, exploration results, commodity prices, changes in law,
regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and
the ability to implement business strategies and pursue business opportunities. The forward -looking
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statement. The forward -looking statements included in this News R elease are made as of the date of
this News Release and the Board undertakes no obligation to publicly update such forward -looking
statements, except as required by law. Shareholders are cautioned that all forward -looking statements
involve risks and uncer tainties and for a more detailed discussion of such risks and other factors that
could cause actual results to differ materially from those expressed or implied by such forward -looking
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